Fixed 15 Year Mortgage Calculator

A fixed 15-year mortgage calculator helps you determine your monthly payments, total interest costs, and amortization schedule for a 15-year mortgage term. This tool is useful for comparing mortgage options, budgeting, and understanding the financial commitment of a 15-year loan.

How to Use This Calculator

To calculate your fixed 15-year mortgage payments:

Enter the loan amount you're seeking (e.g., $200,000).
Input the annual interest rate (e.g., 3.5%).
Select the loan term (15 years for this calculator).
Click "Calculate" to see your monthly payment and total interest.

The calculator will display your estimated monthly payment, total interest paid over the loan term, and an amortization chart showing how your payments are applied to principal and interest.

Formula Used

The monthly mortgage payment is calculated using the standard mortgage formula:

M = P [i(1 + i)^n] / [(1 + i)^n - 1]

Where:

M = Monthly payment
P = Principal loan amount
i = Monthly interest rate (annual rate divided by 12)
n = Number of payments (loan term in years × 12)

Total interest paid is calculated by subtracting the principal from the total of all monthly payments.

Worked Example

Let's calculate a $200,000 mortgage at 3.5% annual interest for 15 years:

Convert annual rate to monthly: 3.5% ÷ 12 = 0.2917% or 0.002917 in decimal
Number of payments: 15 × 12 = 180
Plug into formula: M = 200,000 [0.002917(1.002917)^180] / [(1.002917)^180 - 1]
Calculate monthly payment: $1,234.32
Total interest paid: $184,316

This example shows that a $200,000 mortgage at 3.5% over 15 years would require monthly payments of $1,234.32, with $184,316 paid in interest.

Frequently Asked Questions

What is a fixed 15-year mortgage?

A fixed 15-year mortgage is a home loan with a set interest rate that remains constant for the entire 15-year term. This provides predictable monthly payments and lower interest costs compared to longer-term mortgages.

How does a 15-year mortgage compare to a 30-year mortgage?

A 15-year mortgage typically has lower monthly payments but higher total interest costs. It's suitable for homeowners who plan to sell or refinance within 15 years. A 30-year mortgage has higher monthly payments but lower total interest costs.

What factors affect my mortgage payment?

Your mortgage payment depends on the loan amount, interest rate, loan term, and down payment. A larger down payment reduces the principal and can lower your payment.